UAE’s ADNOC Inks $500m Technical Agreement With Oxy

State-run Abu Dhabi National Oil Company (ADNOC) has signed a technical agreement with U.S.-based Occidental Petroleum to develop the al-Hail and Ghasha oilfields, ADNOC said in a statement on Tuesday.

“Under the terms of the new agreement, ADNOC and Oxy will cooperate in carrying out a number of activities that reach up to $500 million in investment,” ADNOC said in a statement.